Bybit has announced its exit from the Canadian market. Effective May 31, 2023, 8AM UTC, no new Canadian accounts will be able to be opened on the Bybit platform.
Existing Canadian users will have until July 31, 2023, 8AM UTC to make any new deposits or enter into new contracts or increase any of their existing positions for all products and services. After July 31, 2023, all products and services will be unavailable to Canadian users.
Bybit is a cryptocurrency exchange founded in March 2018 and is headquartered in Dubai, United Arab Emirates. The exchange offers a variety of cryptocurrency trading products, including spot trading, futures trading, and margin trading. Bybit is one of the most popular cryptocurrency exchanges in the world, with over 10 million users.
The decision to exit the Canadian market comes after a regulatory fallout between Bybit and Canadian regulators. “It has always been Bybit’s primary objective to operate our business in compliance with all relevant rules and regulations in Canada,” Bybit says.
Further implications
Apart from the inability of new Canadian accounts to be opened on Bybit from May 31, 2023, 8 AM UTC, existing Canadian users cannot “make any new deposits or enter into new contracts or increase any of their existing positions for all products and services” from July 31, 2023, 8 AM UTC.
The following products and services will be unavailable to Canadian users after July 31, 2023:
Spot – Convert
Spot – Spot trading
Spot – Launchpad
Spot – Byvotes
Spot – ByStarter
Fiat – P2P
Fiat – one-click buy
Fiat – one-click buy
Fiat – deposit
Fiat – withdraw
Fiat – channel
CopyTrade
CopyTrade Spot
Bot – Grid Bot Spot
Bot – DCA Spot
Spot – Marging trading
Spot – Leverage tokens
Spot – Crypto loan
Derivative – Future Contracts
Derivative – Futures MT4
Derivative – Option
Earn – Dual Asset
Earn – LaunchPool
Earn – Flex savings
Earn – Fix savings
Earn – Liquidity mining
Earn – ETH2.0 POS Staking
Bot – Grid Bot future
All open positions in these products and services will be liquidated on September 30, 2023.
Bybit says it is still committed to the mission to drive the adoption of crypto around the world. The exchange has recently started its lending services and moved its headquarters to Dubai..
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